The Minimum Wage Of $ 7.25

“A 15 percent increase in the minimum wage nationwide would destroy about 290,000 to 590,000 young people's jobs, and about 400,000 to 800,000 jobs overall” (Henderson, David R). Due to the Fair labor Standards act, the federal minimum wage, or the lowest you can pay an employee for work, currently stands at $7.25 an hour. Although a number of Americans think that raising the minimum wage would benefit our country, it would actually bring a number of problems to our economy, such as a rise in job loss and high school dropout.

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In the United States of America, federal minimum wage is $7.25 an hour. This is an issue, nation wide because the price of living is increasing, while the pay has not. Teenagers are not the only people that are getting paid this amount, adults that are considered the “bread winners” are too, and struggling with it. Supposing that the living wage was increased, the cost of living would be more manageable, and less stressful for many. Hundreds of thousands of people are living in poverty, since they are making the bare minimum and unable to support themselves or their family. If federal minimum wage was increased significantly, then people working forty hours per week would be well above the poverty line, and able to support themselves, easily.

An increase of a couple of dollars per hour or more in the minimum wage could make huge improvements in the difficult existence of the working poor, perhaps allowing them to exit the debt treadmill and stand a better chance of eventually rising into a revitalized middle-class. Researchers at the White House Council of Economic Advisors found that an increase to $10.10 an hour would raise wages for 28 million Americans about nine million of those due to the ripple effect. “According to a 2015 report from the National Low Income Housing Coalition, a worker must earn at least $15.50 an hour to be able to afford to rent a modest one-bedroom apartment, and $19.35 for a two-bedroom unit.”

The controversy over what to establish as the official minimum wage in the United States has been debated and argued over for many years. Due to inflation, the gradual increase of pricings due to a saturation of printed currency, the minimum wage for workers has to be increased in order to compensate for the ever-fluctuating value of the U.S. Dollar. Many today are rising to the conclusion that a minimum wage of fifteen dollars an hour is necessary. This motion is designed to keep those who have minimum wage income out of poverty and to increase the amount of money in the consumer’s pocket overall. However, this particular increase in minimum wage will lead to the inevitable downfall of the United States’ economy and be a catastrophe for the working class.

Have you ever thought about feeding a family and paying the necessary bills on $7.25 per hour? If you answer “no,” then think about this. With this type of salary you could not cover your rent in most parts of the United States, much less feed your family. In this day and time this feat cannot be achieved without raising the minimum wage. If our current government does not raise the minimum wage than a person earning minimum wage would need to work two or three jobs just to keep up with inflation.

1938 -- The minimum wage was first enacted into law as part of the Fair Labor Standards Act (FLSA) of 1938. The original minimum wage applied to workers engaged in interstate commerce and the production of goods for interstate commerce. In 1938, this applied to roughly 11.0 million workers out of a total of 54.9 million workers. The minimum wage was set at $0.25 per hour.

During the late 19th century, and even a few decades into the 20th century, American laborers worked intensely. They worked both many hours and with very little pay. The bosses of these workers would pay them as much or as little as they saw fit. It wasn’t up until the year 1938 that the federal minimum wage was established in America at $0.25 per hour (that being equal to about $4.21 now). It was one of the greatest things in America at that time. It was revolutionary as a matter of fact.

In the summer of 2014, legislature intended to raise the current minimum wage floor of $7.25 in the United States stalled in Congress. As the November election approaches, many Democratic senate members are placing the issue of minimum wage at the forefront of their election campaigns, hoping to sway working-class voters in their favor. The issue of minimum wage has become a matter of politics, politics which far overshadow the far more pertinent concern of minimum wage’s economic effects. Minimum wage is a complex issue, and understanding both the benefits and harms associated with minimum wage is critical to making an informed political decision, a decision hopefully substantiated by economics.

Money. Money is how we are able to eat and drink. It is how we stay clothed in different climates. Money is how we have a roof over our head. Money is what we earn from jobs and then, in turn, we recycle it back into the economy. A salary is how we get from point A to point B quickly and efficiently. Money is in a constant cycle of being in one person’s hands, going to someone else’s hands, and one way or another, coming back to the first person. Almost everything in this world can be boiled down to money. And in America, when you are employed, there is a minimal amount of money someone must pay you for your employment. This minimum wage is the base pay rate any American can earn. The minimum wage in America is supportive of the economy

Other studies have found that while some job losses may occur, there can still be an economic net gain thanks to the fact that so many workers will have more money to spend. A $10.10 minimum wage would mean a direct raise for 16.7 million workers, according to the Economic Policy Institute, who would then have more money in their pockets to spend on goods and services, boosting the economy. It also found that a gradual increase to $10.10 by 2016 would increase wages by $35 billion, which would boost GDP growth by about $22 billion. The Federal Reserve Bank of Chicago found that even when potential job losses are taken into account, an increase in the minimum wage to $9, as President Obama proposed in his 2013 State of the Union, would increase household spending by $28 billion, or 0.2 percent of GDP. That extra spending stimulates the economy, which can lead to more job growth. There is also real world evidence that minimum wage increases don’t hurt jobs.

economy, decreases dependence on federal assistance, and is supported by our citizens. The minimum wage increase must be phased in over several years. The best plan is to increase the wage over time by increasing it 33% of the total change per year (roughly $2.58 increase in wages every year). Over 25 million workers would benefit from a fifteen dollar per hour minimum wage. United States workers who make between $7.25 and 9.83 per hour (first phase) would immediately get a boost in income. The workers just above the new minimum wage would also get an increase in wages to maintain internal pay scales, as would their superiors and so on (Pacitti, 2015). This ripple effect can lead to up to 25% more income for low-wage workers than the new minimum wage. This leads to an economic

It sounds like good news for the low-income workers and their families whenever the government increases the minimum wage. The United States Congress adopted the Fair Labor Standards Act in 1938. Congress created the minimum wage toward the end of the Depression era to ensure a "minimum standard oPremium 2048 Words 9 Pages

This report is an economic overview of the United States minimum wage. It’s presented in three perspectives on how consumers, corporations and the community are affected by new minimum wage laws. The purpose of this report is to provide imperative information that examines how an increase in minimum wage attributes to multiple effects. This report will also explain the advantages and disadvantages that many people face when the government intervenes to pass a new minimum wage law in the United States. This report focuses on the state of California and it emphasises on the city of San Jose. This report incorporates how the city of San Jose was affected by Measure D. a new minimum wage that was imposed in the beginning of the

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